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What Caused the Financial Meltdown?
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<blockquote data-quote="Give-Me-A-Break" data-source="post: 401387"><p>Lifer: Lets be clear on one thing first. This site provides the option of making an ANNONOMOUS opinion. The threads contain here are for discussions on TOPICS, not posters. I have seen a pattern of attacks on posters rather than on TOPICS.</p><p></p><p>The "annon" feature does not disqualify an opinion from being addressed nor does it diminish its value as information.</p><p></p><p>To the point, indeed, its amazing how you can "word for word" post the exact words spoken by rush limbaugh all week regarding the financial crisis and its root causes.</p><p></p><p>I provided the actual "text" spoken by President Bush where he outlines the whole creation of the subprime market and its intentions. He himself stated that home ownership was his top priority and further, making LOW INCOME EARNERS home owners was a priority,</p><p></p><p>In fact, he stated he wanted 1 million black and hispanic low income earners as homeowners by the year 2010 and also wanted to see a total of 5.5 million new home owners as well. HE GAMBLED your future and the the futures of all americans on this risky task.</p><p></p><p>Now, those of you looking to place blame elsewhere other than directly on Bush want to blame blacks and Hispanics by saying they should have never taken a loan in the first place..! But, they never asked for it, it was BUSH who wanted this to happen, it did, it collapsed and now he has to take total responsiblily for it and fix it.</p><p></p><p>He did. The goverment is now going to use our tax dollars to bail out his master plan and hopefully prevent the total collapse of our financial institutions in the USA. </p><p></p><p>I just wish you folks would take time to read facts, remember what steps were taken by this president and the republican controlled congress that created this mess.</p><p></p><p>Back in 2002, Former Fed chief Alan Greenspan WARNED Bush about this practice and he was ignored and eventually forced to retire. In 2003, Greenspan testified to congress that the creation of the subprime industry was going to have DIRE consequences in the coming years because of violations of law and unscrupulous lending practices. His exact words were: AN IMPENDING FINANCIAL DOOM.</p><p></p><p>This was in 2003. He was right. He was the only one RIGHT.</p><p></p><p>You are seeing it today.</p></blockquote><p></p>
[QUOTE="Give-Me-A-Break, post: 401387"] Lifer: Lets be clear on one thing first. This site provides the option of making an ANNONOMOUS opinion. The threads contain here are for discussions on TOPICS, not posters. I have seen a pattern of attacks on posters rather than on TOPICS. The "annon" feature does not disqualify an opinion from being addressed nor does it diminish its value as information. To the point, indeed, its amazing how you can "word for word" post the exact words spoken by rush limbaugh all week regarding the financial crisis and its root causes. I provided the actual "text" spoken by President Bush where he outlines the whole creation of the subprime market and its intentions. He himself stated that home ownership was his top priority and further, making LOW INCOME EARNERS home owners was a priority, In fact, he stated he wanted 1 million black and hispanic low income earners as homeowners by the year 2010 and also wanted to see a total of 5.5 million new home owners as well. HE GAMBLED your future and the the futures of all americans on this risky task. Now, those of you looking to place blame elsewhere other than directly on Bush want to blame blacks and Hispanics by saying they should have never taken a loan in the first place..! But, they never asked for it, it was BUSH who wanted this to happen, it did, it collapsed and now he has to take total responsiblily for it and fix it. He did. The goverment is now going to use our tax dollars to bail out his master plan and hopefully prevent the total collapse of our financial institutions in the USA. I just wish you folks would take time to read facts, remember what steps were taken by this president and the republican controlled congress that created this mess. Back in 2002, Former Fed chief Alan Greenspan WARNED Bush about this practice and he was ignored and eventually forced to retire. In 2003, Greenspan testified to congress that the creation of the subprime industry was going to have DIRE consequences in the coming years because of violations of law and unscrupulous lending practices. His exact words were: AN IMPENDING FINANCIAL DOOM. This was in 2003. He was right. He was the only one RIGHT. You are seeing it today. [/QUOTE]
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